City Insurance is financially stable Societatea de Asigurare-Reasigurare City Insurance receives FSA validation

Societatea de Asigurare- Reasiguare City Insurance fulfils what it promised in the financial recovery plan. After more than a year of probation and discussions, the Financial Supervisory Authority (FSA) confirms by Decision No. 1019/ 26.07.2017 the solvency of the insurance-reinsurance company.

“We received with content FSA’s decision regarding the termination of the plan-based financial recovery procedure. We are proud of this accomplishment and of the whole effort that our company made in the last one and a half year. We openly state that it was not easy,” says the management of Societatea de Asigurare- Reasiguare City Insurance.

“For us it’s one more proof that Societatea de Asigurare- Reasiguare City Insurance operates in compliance with the standards that FSA has laid. If we look back, we are sorry that our arguments, that were validated by auditors, have not received the appropriate approval. But, at the end of the day, we are back on the map of valuable insurers,” added the management of Societatea de Asigurare- Reasiguare City Insurance.
During the entire recovery period, April 2016 0 July 2017, Societatea de Asigurare- Reasiguare City Insurance has fulfilled its contractual duties towards its clients. In short, the paid claims amounted to Lei 645,948,689, the equivalent of Euro 143,544,153.

Analysis showed that the locomotive for City Insurance was the year of 2017. Until today, the company covered losses of Lei 304,513,476.21, the equivalent of Euro 67,669,661.38. That means an increase of 97.36% compared to the same period of last year. Moreover, the speedy processing of claims has influenced the number of complaints: 543 in 2017, compared to 1687 last year. Another strength is the MTPL claims settlement deadline, the average time between the opening of a claim file and its settlement reaching an average of 22 days this year.

“We thank our employees, our clients and our partners that have supported us all this time. Without them, we couldn’t have made it” says the management of Societatea de Asigurare- Reasiguare City Insurance. “Even if this was a difficult period for us, we offered them the financial protection that they needed. We promise to keep going and other surprises are about to come,” concludes the management of Societatea de Asigurare- Reasiguare City Insurance.

About City Insurance
City Insurance is an insurance-reinsurance company that is 100% Romanian for time being. Established in 1998, the company reached the Top 10 Insurers in Romania. Its performance was appreciated at Gala Premiilor Pieței Asigurărilor (GPPA), an event that reunites the most important insurers in Romania. Today, our company has over 300 employees, organized in 42 agencies that cover the entire national territory, in which they conduct both non-life insurance underwriting and claim files management.